1005 Raleigh St Elizabeth City, NC 27909

This multi-family apartment complex presents a unique investment opportunity. The portfolio consists of three properties: 1005 Raleigh St., 1110 Park St., and 0000 Park St., totaling 24 units. Each unit ranges from approximately 800 to 900 square feet and features 2 bedrooms and either 1 or 1.5 bathrooms. The complex includes a mix of one-story units with handicap accessibility and two-story apartments. Specifically, 1110 Park St. comprises four quadplex buildings, while 1005 Raleigh St. features one duplex and one six-unit building. The combined building square footage is approximately 21,500 square feet. The property is currently 95.8% occupied, with only one vacant unit actively marketed at $1,200 per month. Current rents range from $1,000 to $1,300 per month. The property generates approximately $303,000 in gross annual income at its current occupancy, with a projected gross income of $317,400 at full occupancy based on current rental rates. Significant capital improvements have been made since 2017, including the replacement of 3 roofs within the past 3-4 years with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St. with the addition of dehumidifiers, and the replacement of 14 HVAC units (7 since 2017 and 7 in 2016). Ongoing interior upgrades include new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, potentially allowing for additional units with city approval. The residual parcel at 0000 Park St. is zoned R-8 residential and has a restrictive covenant.